Offshore staff
LONDON – The “Global Perspectives Subsea Market Report to 2018” by Infield predicts that capex in the segment will grow by 6.72% over the time span. Driving the increase is the trend to deeper water abetted by high oil prices, technological improvements, and dwindling reserves in mature shallow-water developments.
Latin America and Africa will remain the dominant areas for subsea growth, accounting for more than half the total capex over the five years, says the report. The single largest investor in subsea development will be Petrobras as it works in itsdeepwater presalt Santos and Campos basin discoveries.
Offshore Angola, Nigeria and Ghana in West Africa will see most of the regions spending with East Africa subsea developments further in the future.
As to trees, Europe will see the most installations by number, if only 11% of the total subsea capex.
The Gulf of Mexico dominates the subsea plays of North America with 98% market share, and deepwater developments in Alaminos Canyon, Walker Ridge, Green Canyon, and Mississippi Canyon will drive capex to 2018.
Asia and the Australian region are the emerging arenas and should see a combined market share growth to 14% over the next five years from the 8% tabulated over the past five years.
The Middle East and Caspian regions in combination hold 2% of the total market, but gas discoveries in the eastern portion of the Mediterranean andAzerbaijan will draw interest.
7/9/14
